The house buying and selling process in the UK is outdated with 79% of estate agents agreeing that it needs to be brought into the 21st century.
The latest monthly report from the National Association of Estate Agents (NAEA) asked members their view on change in the aftermath of the Government announcing a consultation on the buying and selling process.
‘Our findings show that estate agents agree, and would welcome changes to ensure the process for buying and selling is brought into the 21st century. The current prolonged process means sales are stagnating despite the fact that the supply of housing is up, and there is growing demand,’ said Mark Hayward, NAEA chief executive.
This month’s report also shows that the number of house hunters registered at estate agents rose to the highest level seen since March this year, with 394 on average per branch, up from 343 in August and 347 in July.
The number of properties available to buy on estate agents’ books increased from 37 in August, to 41 in September, also the highest number recorded since March this year.
However, despite the fact that both supply and demand for properties increased in September, the number of sales agreed remained flat, with an average of eight agreed per branch, the same as July and August.
The data also shows that the proportion of sales made to first time buyers was 23% in September, which is also the same as the previous two months.
‘Hopefully we will see activity pick up marginally in the short term, when properties which are being marketed now are taken off the market and pushed through, so buyers can be in before Christmas,’ Hayward added.
